Trade missions are a useful tool for businesses that are willing and able to expand into an area of their own.
However, there must be cohesion between what would benefit the business —what opportunities exist — and what would benefit the area the trade mission will visit.
The Guam Business Magazine Trade Mission to Palau — also supported by the Journal — was clearly defined.
That definition took weeks to prepare but ended with a schedule of essential offices of government the Mission would visit, where courtesy calls should be made and which private sector businesses and organizations would meet with the participants.
The Palau Chamber of Commerce and its members were also eager to encourage investment, participation and relationships with visiting businesses. And of course, encourage membership in its organization.
A stated aim of the mission’s was to give a picture of Palau culturally also and visit certain destinations to fully inform those making a first visit to the country of its history, and update those participants who had visited the republic before on Palau’s progress with essential infrastructure as well as private sector development.
Where trade missions often fail is ensuring participants are fully equipped with the information they need.
The magazine’s trade mission made every effort to avoid that, and hosting agency representatives were also at pains to give contact details — even personal ones, relevant information and legislation that could be found on their web sites or the steps in investing, and an assurance that the country wanted to see meaningful investment.
Another failure is often measuring success of the trade mission. Feedback from participants is essential, as is feedback from hosts.
And finally, time will tell just what results.
As a media organization it is logical that the Journal has encouraged participants to continue to keep in touch, and report on progress, or lack thereof.
Hopefully we will report on resulting success, rather than the status quo, but report we will. mbj
However, there must be cohesion between what would benefit the business —what opportunities exist — and what would benefit the area the trade mission will visit.
The Guam Business Magazine Trade Mission to Palau — also supported by the Journal — was clearly defined.
That definition took weeks to prepare but ended with a schedule of essential offices of government the Mission would visit, where courtesy calls should be made and which private sector businesses and organizations would meet with the participants.
The Palau Chamber of Commerce and its members were also eager to encourage investment, participation and relationships with visiting businesses. And of course, encourage membership in its organization.
A stated aim of the mission’s was to give a picture of Palau culturally also and visit certain destinations to fully inform those making a first visit to the country of its history, and update those participants who had visited the republic before on Palau’s progress with essential infrastructure as well as private sector development.
Where trade missions often fail is ensuring participants are fully equipped with the information they need.
The magazine’s trade mission made every effort to avoid that, and hosting agency representatives were also at pains to give contact details — even personal ones, relevant information and legislation that could be found on their web sites or the steps in investing, and an assurance that the country wanted to see meaningful investment.
Another failure is often measuring success of the trade mission. Feedback from participants is essential, as is feedback from hosts.
And finally, time will tell just what results.
As a media organization it is logical that the Journal has encouraged participants to continue to keep in touch, and report on progress, or lack thereof.
Hopefully we will report on resulting success, rather than the status quo, but report we will. mbj
